China video-sharing site Youku files for IPO in US

Nov 16, 2010
China's biggest online video-hosting site Youku.com is seeking to raise up to 150 million dollars in a US initial public offering as it jostles with domestic rival Tudou.com for top position.

China's biggest online video-hosting site Youku.com is seeking to raise up to 150 million dollars in a US initial public offering as it jostles with domestic rival Tudou.com for top position.

The company said in a filing to the US Securities Commission dated Monday that it planned to launch wireless and web-based subscription services to diversify its revenue sources -- currently generated by advertising.

Youku said it planned to launch the subscription service in the "foreseeable future", but gave no further specifics.

"Our mission is to become the primary source of for the Chinese population across any Internet-enabled device," the company said in the filing.

The Beijing-based company said it had 203 million monthly visitors from homes and offices in September. The company has 507 employees.

Goldman Sachs will be the main underwriter for the IPO and the filing did not provide any pricing information.

Youku's move comes less than a week after Tudou.com made a similar IPO filing aimed at raising up to 120 million dollars in the United States.

is home to the world's largest online market with 420 million , according to official figures.

Explore further: Yik Yak's frat-bro founders shrug off growing pains

Related Stories

Shanda Games IPO gets tepid reception

Sep 25, 2009

(AP) -- Shanda Games Ltd., a Chinese video game company, raised $1 billion Friday in the largest initial public offering of the year.

Skype getting new chief executive from Cisco

Oct 04, 2010

(AP) -- Skype is replacing its CEO with a Cisco Systems executive, a change that may indicate the Internet calling service is closer to announcing specific plans for an initial public offering.

AOL CEO turns down $1.5M 2009 bonus

Feb 03, 2010

(AP) -- AOL Inc. CEO Tim Armstrong has turned down a bonus of at least $1.5 million in 2009, the company reported in a filing Tuesday.

Recommended for you

Yik Yak's frat-bro founders shrug off growing pains

6 hours ago

The most popular post of all time on Yik Yak is a dirty joke. Less than 2 years old, the Atlanta-based social network is geared mostly toward college students who access and post unsigned announcements through an app on their ...

Uber drivers fined in Hungary

May 24, 2015

The Hungarian tax authority fined Uber drivers in its first probe against the ride-sharing service which the economy ministry said Saturday "ignores passenger safety" and must be made to follow regulations.

Domino's taking orders via tweet

May 22, 2015

Domino's on Wednesday launched perhaps the easiest way to satisfy a pizza craving this side of mind reading: order by tweet.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.